Q4 2024 i-80 Gold Corp Earnings Call

Operator: Hello, and thank you for joining us for I-80 Gold's 2024 fourth quarter conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remark, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star then the number 2. Thank you.

Hello, and thank you for joining us for I 80, Gold's 'twenty 'twenty four fourth quarter conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remark there will be a question and answer session. If.

If you would like to ask a question. During this time simply press Star then the number one on your telephone keypad.

If you would like to withdraw your question. Please press Star then the number two.

Unknown Executive: Before we begin, please note that some of today's comments may contain forward-looking statements which involve risks and uncertainties. Actual results could differ materially.

Thank you before we begin please note that some of today's comments may contain forward looking statements, which involve risks and uncertainties actual results could differ materially I ask everyone to review slide two of the slide presentation, which is available on I 80, Gold's website to view the cautionary notes regarding forward looking statements made on this.

Unknown Executive: I ask everyone to view slide 2 of the slide presentation, which is available on I-80 Gold's website, to view the cautionary notes regarding forward-looking statements made on this call and the risk factors related to these statements.

Speaker Change: Call and the risk factors related to these statements. Today's speakers include Richard Young Chief Executive Officer of I 80 gold.

Richard Young: Today's speakers include Richard Young, Chief Executive Officer of I-80 Gold.

Richard Young: and Matt Gili, President and Chief Operating Officer, and Ryan Snow, Chief Financial Officer.

Matt Gili: And Matt Gili, President and Chief operating Officer, and Ryan Snow Chief Financial Officer.

Richard Young: Following today's formal presentation, we will open the call to your questions. Now over to Richard.

Matt Gili: Following today's formal presentation, we will open the call to your questions now over to Richard.

Richard Young: Thank you, operator, and good morning, everyone. Moving to slide four. During the fourth quarter, we announced a new development plan for our portfolio of three underground and two open pit gold projects. In February and early March, we released Summarize Key Operating and Financial Terms for each of our five projects. We have now filed the preliminary economic assessments for those five gold projects. However, you will not see on our website 5 PEA. Under both Canadian and U.S. regulation, you can only have one preliminary economic assessment per property. So we've combined both the open pit underground at Granite Creek into one technical report.

Richard Young: Thank you operator, and good morning, everyone moving to slide four.

Richard Young: During the fourth quarter, we announced a new development plan for our portfolio of three underground and two open pit gold projects.

Richard Young: In February and early March we released summarize key operating and financial terms for each of our five projects.

Richard Young: We have now filed a preliminary economic assessments for those five gold projects.

Richard Young: However, you will not see on our website.

Richard Young: <unk> T as.

Richard Young: Under both Canadian and U S regulation, you can only have one preliminary economic assessment for property.

Richard Young: So we've combined both the open pit underground at Granite Creek into one technical report Ruby Hill, which includes Archimedes and mineral point, there's a second to third as Kohl's in the forest toxic report covers off loan create which includes our large gold resource which is currently not in our <unk>.

Richard Young: Ruby Hill, which includes Archimedes and Mineral Point, is a second. The third is Cove, and the fourth technical report covers off Lone Tree, which includes our large gold resource, which is currently not in our development plan. and then the process facilities, including the autoclave, which are So, because we're now a U.S. registrant, we have to file these tech reports under both U.S. and Canadian regulations. So, over the past 12 hours, we have filed 4 SK-1300s as required under United States regulations, as well as 4 NI-43-101 reports as required under Canadian regulations. U.S. reports are available on EDGAR and the Canadian reports are available under CDAR Plus.

Richard Young: Development plan.

Richard Young: And then the process facilities, including the autoclave, which are.

Richard Young: So because we're now a U S. Registrant, we have to file these technical reports under both U S and Canadian regulations.

Richard Young: So over the past 12 hours, we have filed for S. K 13, hundreds as required under the United States regulations as well as for.

Richard Young: And I 43, 101 reports as required under Canadian regulations.

Richard Young: The U S reports are available on Edgar and the Canadian reports are available under SEDAR plus.

Richard Young: Now, the key operating and financial terms are identical across both regulatory frameworks. The forms of the reports are largely similar apart from a few minor changes or differences. Updating the PAs was a positive step in three respects. First, Improving our disclosure and clarity around our development plan. and Sakim. highlights the potential value of the portfolio. And third, it's pivotal as we put together our recapitalization plan. I want to congratulate the technical team for completing the work in such a short period of time. The new life of mine plans for each project have allowed us to define an executable strategy with a clear path towards producing half a million ounces of gold by the early 2030s.

Richard Young: Now the key operating and financial terms are identical across both regulatory frameworks. The forms. So the reports are largely similar apart from a few minor changes or differences.

Richard Young: Updating the Tas was a positive step in three respects first.

Richard Young: Improving our disclosure and clarity around our development plan.

Richard Young: And second.

Richard Young: I liked the potential value of the portfolio and third its pivotal as we put together our recapitalization plan.

Richard Young: I want to congratulate the texel team for completing the work in such a short period of time.

Richard Young: The new life of mine plans for each project have allowed us to define and executable strategy with a clear path towards producing.

Speaker Change: A million ounces of gold by the early twenties thirties.

Richard Young: and it's clarified the capital requirements and demonstrated the significant value that's embedded across our gold portfolio. At our March 6th Investor Day, the team also underscored the extensive untapped value across that portfolio. In summary, we have a pipeline of new projects to permit bring online over the next five or six years. We're confident the activities can be staggered and are manageable. We believe the cash flow models that have been presented in these initial studies are achievable and expect them to further improve with the work the team will complete in between now and the anticipated release of the feasibility studies later this year and early next year.

Speaker Change: And it's clarified the capital requirements and demonstrated the significant value that's embedded across our gold portfolio.

Speaker Change: At our March six Investor day, the team also underscored <unk>.

Speaker Change: Extensive untapped value across that portfolio.

Speaker Change: In summary, we have a pipeline of new approach extra permit bring online over the next five or six years, we're confident the activities can be staggard staggered and are manageable.

Speaker Change: We believe the cash flow models that have been presented in these initial studies are achievable.

Speaker Change: And expect them to further improve with the work the team will complete and between now and the anticipated release of the feasibility studies later this year.

Speaker Change: Early next year.

Richard Young: Moving to slide five. Life of Mine valuations based on the recent published PAs for all projects are shown. at both our reported gold price assumption of $21.75 per ounce, as well as at $2,900 per ounce. Combined, these projects indicate a combined net present value of $1.6 billion at $21.75 per ounce and $4.5 billion based on $2,900 per ounce. As we discuss our Investor Day, these studies represent the base case scenario. We expect to increase the value of these projects through additional drill programs aimed at extending the mine lives. A strategic change to our development plan was the addition of the autoclave refurbishment.

Speaker Change: Moving to slide five.

Speaker Change: Life of mine valuations based on the recent published P. As for all projects are shown.

Speaker Change: At both our reported gold price assumption.

Speaker Change: 21, 75 per ounce as well as had $2900 per ounce.

Speaker Change: Combined these projects indicate a combined net present value of $1 6 billion at 21 75 per ounce in four and a half billion based on $2900 per ounce.

Speaker Change: As we discussed at our Investor day.

These studies represent the base case scenario.

Speaker Change: With expect we expect to increase the value of these projects through additional drill programs aimed at extending the mine lives.

Speaker Change: Our strategic change toward a bowl of plan was the addition of the autoclave refurbishment.

Richard Young: Driven by changes to our existing coal milling agreements. A long-term potential value of our Granite Creek underground project. and The Simple Economics of the Autoclass. The anticipated capital spend for the refurbishment is now included in the recapitalization plan. Turn to slide six. as discussed. On our investor day, the decision to include the autoclave refurbishment in the development plan changed the recapitalization timeline. to shift until the refurbishment study is complete in the second half of this year. Management is advancing its recapitalization plan to support the company's development plan on Silverfront. And we are in active discussions with several parties regarding a number of financing options, including of Senior Debt Facility.

Speaker Change: Driven by changes to our existing toll milling agreements.

Speaker Change: The long term potential value of our granite Creek underground project.

Speaker Change: I have a simple economics of the autoclave.

Speaker Change: The anticipated capital spend for the refurbishment is now included in the recapitalization plan.

Speaker Change: Turning to slide six.

Speaker Change: As discussed on.

Speaker Change: Our Investor day, the decision to include the autoclave refurbishment and development plan.

Speaker Change: Change the recalculation timeline.

Speaker Change: The shift until the refurbishment study is complete in the second half of this year.

Speaker Change: Management is advancing its recapitalization plans to support the company's development plan on several fronts.

Speaker Change: And we are in active discussions with several parties regarding a number of financing options, including.

Speaker Change: Our senior debt facility.

Richard Young: Royalty Sale. non-core asset sales, such as our fad drop. a working capital facility, as well as terming out the 2025 quarterly gold prepays.

Speaker Change: Royalty sales.

Speaker Change: Noncore asset sales such as our Fad property.

Speaker Change: Our working capital facility as well as terming out the 'twenty 'twenty five quarterly gold Prepays.

Richard Young: Our CFO Ryan Snow will expand on our new national bank agreement regarding the March 2025 prepays and the new working capital facility we're currently finalizing. in order to execute and put in place a senior death facility. feasibility studies will be required for three of our five gold projects. as well as the class three engineering study for the autoclave refurbishment. Further, certain additional work may be requested by a potential lending syndicate on the two gold projects not yet advanced to the feasibility stage to further de-risk these projects. Lending parties intend to review the technical studies that we filed over the last 12 hours.

Speaker Change: Our CFO, Brian Snow will expand on our new National Bank agreement.

Speaker Change: The March 2025, Prepays and the new working capital facility. We're currently finalizing.

Speaker Change: In order to execute and put in place a senior debt facility.

Ability studies will be required.

Speaker Change: For three of our five core approach sites.

Speaker Change: As well as the class III Engineering study.

Speaker Change: The autoclave refurbishment.

Speaker Change: Further certain additional work may be requested by a potential lending syndicate on the two coal projects not yet advanced to the feasibility stage to further de risk these projects.

Speaker Change: Lending parties intend to review the tactical studies that we filed over the last 12 hours.

Richard Young: Any additional work required to complete the technical due diligence could increase costs or push out completion of the feasibility studies. However, we do not expect a material increase in costs or time.

Speaker Change: Any additional work required to complete the tactical due diligence could increase costs.

Speaker Change: Or pushout completion of the feasibility studies however.

Speaker Change: However, we do not expect a material increase in cars or time.

Richard Young: The goal is to have a new senior financing in place for the second quarter of 2026.

Speaker Change: The goal is that a new senior financing in place for the second quarter of 2026.

Matt Gili: With that, I'll now pass it over to Matt for an operations update.

Matt Gili: With that I'll now pass it over to Matt for an operations update that.

Matt Gili: Matt. Thank you, Richard. And hello, everyone.

Matt Gili: Thank you Richard and Hello, everyone.

Matt Gili: As we do with all our operations meetings, I will begin with our number one priority here on slide seven, which is safety. We finish the year with a lost time injury frequency rate of 1.27. Our safety performance improved dramatically during the course of the year, and I'm proud of the team's absolute focus on ensuring everyone working at our properties returns home safe and healthy every day. Regarding environmental compliance, we maintained our clean record by ending our fourth consecutive year without any environmental violation notices from our regulators. And to emphasize this point... I-80 Gold has never received an environmental notice since the company's 2021 inception.

Matt Gili: As we do with all of our operations meetings I will begin with our number one priority here on slide seven which is safety.

Matt Gili: We finished the year with a lost time injury frequency rate of $1 seven or.

Matt Gili: Our safety performance improved dramatically during the course of the year and I am proud of the team's absolute focus on ensuring everyone working at our properties returns home safe and healthy every day.

Matt Gili: Regarding environmental compliance, we maintained our clean record by ending our fourth consecutive year without any environmental violation notices from our regulators.

Matt Gili: And to emphasize this point.

Matt Gili: Gold has never received an environmental notice since the company's 2021 inception.

Matt Gili: Turn to 2024 production results on slide eight. At Grand Creek Underground, we mine approximately 38,000 ounces of contained gold, or 71% of our internal target, and produce just above 16,000 ounces of gold after applying the appropriate payability factors and including stockpile buildup at the end of this year. However, the high-grade oxide and sulfide production was 60% lower than planned, but partially offset by unbudgeted low-grade oxide material mined and processed at our heat bleach facilities at Lone Tree. Mining rates and gold production at Granite Creek were impacted by higher than anticipated rates of water ingress into the bottom of our work.

Matt Gili: Turning to 2024 production results on slide eight.

Matt Gili: A graphic underground we mined approximately 38000 ounces of contained gold or 71% of our internal targets and produced just above 16000 ounces of gold after applying the appropriate liability factors and including stockpile build up at the end of this year.

Matt Gili: However, the high grade oxide and sulphide production was 60% lower than planned, but partially offset by Enbridge did low grade oxide material mined and processed at our heap leach facilities at lone tree.

Matt Gili: Mining rates and gold production at granite Creek were impacted by higher than anticipated rates of watering risk into the bottom of our work.

Matt Gili: Which delayed our progress on the main decline? and prevented us from reaching and developing additional mineralization zones as planned. Currently, all components of our dewatering system are permanent, functioning, and in operation. The amount of contact water removed from the underground workings is gradually declining from an average of 1,400 gallons per minute in January of 2025 to approximately 1,200 gallons per minute over the first half of March 2025. which is in line with our newly implemented predictive model. With these improvements we are seeing in managing water, we are pleased to report that we have recommenced advancing the main decline.

Matt Gili: Which delayed our progress on the main decline.

Matt Gili: And prevented us from reaching and developing additional mineralization zones as planned.

Matt Gili: Currently all components of our dewatering system or permanent functioning and in operation.

Matt Gili: The amount of contact water removed from the underground workings has gradually declined from an average of 1400 gallons per minute in January of 2025% to approximately 1200 gallons per minute over the first half of March 2025.

Matt Gili: Which is in line with our newly implemented predictive model.

Matt Gili: With these improvements we are seeing in managing water. We are pleased to report that we have recommenced advancing the main decline.

Matt Gili: And both our decline in advance rate and our overall mining rate of the contained ounces are on plan for the first quarter of 2025. Additional dewatering upgrades will be completed in 2025, and production rates are expected to ramp up to a steady state in the second half of this year, 2025.

Matt Gili: And both are quite advanced rate in our overall mining rate of the contained ounces are on plan for the first quarter of 2025.

Additional dewatering upgrades will be completed in 2025 and production rates are expected to ramp up to a steady state in the second half of this year 2025.

Matt Gili: Production from our two existing heap leach operations exceeded our internal targets for 2024. with approximately 6,200 ounces produced from a lone tree. and 3,700 ounces produced for Ruby Hill. Both historic leach pads are in their final phase of extracting any remaining gold from the material that was placed on them several years ago.

Matt Gili: Production from our two existing heap leach operations exceeded our internal targets for 2024.

Matt Gili: With approximately 6200 ounces produced from luxury and.

Matt Gili: <unk> 3700 ounces produced for Ruby Hill.

Matt Gili: Both historic Leach pads are in their final phase of extracting any remaining goal for the material that was placed on them several years ago.

Matt Gili: Looking ahead, we expect to produce between 30,000 and 40,000 ounces of gold in 2025. Whereby? Granite Creek Underground is expected to contribute between 20,000 to 30,000 ounces of gold, and the heap leach operations at Ruby Hill and Lone Tree are expected to contribute approximately 10,000.

Matt Gili: Looking ahead, we expect to produce between 30040 thousand ounces of gold in 2025.

Matt Gili: Whereby.

Matt Gili: Graham Creek underground is expected to contribute between 20 to 30000 ounces of gold in the heap Leach operations at Ruby Hill in laundry are expected to contribute approximately 10000 ounces of gold.

Matt Gili: Now for an update on construction at Archimedes Underground on slide 9. Underground permitting activities continued in the fourth quarter and will receive the record of decision from the Bureau of Land Management to commence the underground portals in the first quarter of 2025. We expect to have associate state permits in hand in the second quarter of this year. During the fourth quarter of 2024, we initiate construction of the surface facility. Secured the high wall. and have begun service works for installation of utilities and construction of a shop facility to commence portaling activities in the third quarter.

Matt Gili: Now for an update on construction at arguing these underground on slide nine.

Matt Gili: Underground permitting activities continued in the fourth quarter and will receive the record of decision from the Bureau of land management to commence the underground portals in the first quarter of 2025.

Matt Gili: We expect to have associated state permits in hand in the second quarter of this year.

Matt Gili: During the fourth quarter of 2024, we initiated construction of the surface facilities.

Matt Gili: Secured the high wall.

Matt Gili: And have begun service works for installation of utilities and construction of a shop facility to commence quarterly activities in the third quarter.

Matt Gili: We expect to begin underground construction in the third quarter of this year in line with the recently published PEA.

Matt Gili: We expect to begin underground construction in the third quarter of this year in line with the recently published P. Eight.

Matt Gili: Archimedes Underground is expected to be the company's second underground mine and contribute to production at the end of 2026 or in early 2027.

Matt Gili: Archimedes underground is expected to be the company's second underground mine and contribute to production at the end of 2026 or in early 2027.

Matt Gili: Moving to slide 10. for meeting activities across our remaining properties with a Meeting continues across the remaining properties with a 2025 focus on Archimedes Underground. Initiating programming for an environmental impact statement at Cove, and commencing the application process for both the Granite Creek Open Pit and the Mineral Point Open Pit project. We have a highly experienced permitting team with a proven track record in the Nevada. Turning our attention to the Our priority for this group, through the course of 2025, is to bring the Granite Creek Underground and Open Pit, as well as Cove, to the feasibility stage.

Matt Gili: Moving to slide 10 for.

Permitting activities across our remaining properties.

Matt Gili: With us.

Matt Gili: Permitting continues across our remaining properties with a 2025 focus on Archimedes undergrad.

Matt Gili: Initiating permitting environmental impact statement at Kohl's and.

Matt Gili: And commencing the application process for both the granite Creek open pit and the mineral point open pit projects.

Matt Gili: We have a highly experienced permitting team with a proven track record in the Nevada region.

Matt Gili: Turning our attention to the technical team.

Matt Gili: Priority for this group through the course of 2025 is to bring the granite Creek underground and open pit as well as code to the feasibility stage.

Matt Gili: and to publish a class 3 engineering study for the Lone Tree Autoclave Refurb. With the technical reports recently filed, we believe potential providers of capital now have a clearer view of these problems. Enabling them to assess these projects in detail and identify areas for improvement as we progress towards the feasibility stage. This will help de-risk the projects from a lender's perspective as we work to complete our recapitalization plan as Richard mentioned earlier. Additionally, we are considering the possibility of advancing MineralCoin to the preliminary feasibility stage in the first half of 2026 to also assist in de-risking the project from a lending perspective.

Matt Gili: And you publish a class III engineering study for the lone tree autoclave refurbishment.

Matt Gili: With the technical reports recently filed we believe potential providers of capital now have a clearer view of these projects.

Enabling them to assess these projects in detail and identify areas for improvement as we progress towards the feasibility stage.

Matt Gili: This will help derisk the projects from a lender's perspective, as we work to complete our recapitalization plan as Richard mentioned earlier.

Matt Gili: Additionally, we are considering the possibility of advancing mineral point to the preliminary feasibility stage in the first half of 2026, you also assist in Derisking the project from a lending perspective.

Matt Gili: As Richard also mentioned, we believe I-80 Gold's updated development roadmaps towards producing a target of 400,000 to 500,000 ounces per year by the early 2030s is Staggered and manageable? And we expect to see improved economics as we move towards the feasibility stage.

Matt Gili: As Richard also mentioned, we believe Ied goals updated development roadmap towards producing a target of 400000 to 500000 ounces per year by the early 2000 <unk> is.

Matt Gili: Staggered and manageable.

Speaker Change: And we expect to see improved economics, as we move towards the feasibility stage.

Matt Gili: Looking at exploration on slide 11. In 2024, we drove over 100,000 feet, mainly at Granite Creek and Cove. Our 2025 drill program is modest and strategically focused to ensure maximum impact. At Granite Creek, we will be finalizing the infill drill program to support advancing the Granite Creek Underground to feasibility. and to study the step out of the South Pacific zone along strike to the northeast. Building was paused in 2024 and is anticipated to resume once the Underground Exploration Drift is completed in 2025. at Cope. The planned infill drilling is now complete and the results will be used to advance the feasibility study.

Matt Gili: Looking at exploration on slide 11.

Matt Gili: <unk>, where we drilled over 100000 feet, mainly at granite Creek and Cove.

Matt Gili: Our 225 drill program is modest but strategically focused to ensure maximum impact.

Matt Gili: Hey, Granite Creek, we will be finalizing the infill drilling program, we will be finalizing the infill drill program to support advancing the granite Creek underground feasibility.

Speaker Change: And you're starting to step out of the South Pacific zones, along strike to the northeast.

Matt Gili: Julian was pause in 'twenty 'twenty four is anticipated to resume once the underground exploration drift is completed in 2025.

Speaker Change: Heiko.

Speaker Change: The infill drilling is now complete and the results will be used to advance the feasibility study.

Matt Gili: Finally, at Ruby Hill, we are completing some infill drilling within the upper zones of the Archimedes Underground in preparation for mining. as well as completing some infill drilling at Mineral Point, offer resource confirmation, geotechnical, geochemical, and metallurgical data to initiate permitting on this project and the PFS. This program is focused on confirming existing work and advancing technical reports.

Speaker Change: Violent and reveal we are completing some infill drilling within the upper zones of the underground in preparation for mining.

Speaker Change: As well as completing some infill drilling at mineral point, both the resource confirmation technical geochemical and metallurgical data to initiate permitting on this project and the PFS.

Speaker Change: This program is focused on confirming existing work and advancing that and the reports we have deferred through exploration to future years, when more discretionary funding is available.

Matt Gili: We have deferred true exploration to future years when more discretionary funding is available.

Matt Gili: That concludes my operations update.

Speaker Change: That concludes my operational update I will now hand over to Ryan for a financial review.

Ryan Snow: I will now hand over to Ryan for a financial report. Thank you, Matt, and good morning, everyone. Starting with slide 12 to discuss the change in our financial reporting. As of January 1st, 2025, we're reporting with the U.S. Securities Exchange Commission as a domestic filer. and therefore have transitioned from International Financial Reporting Standards, or IFRS, to U.S. Generally Accepted Accounting Principles, otherwise known as U.S. GAAP. This change was made retrospectively with our 2024 financial statements, and all comparatives were restated accordingly. You can find the 2024 year-end statements and the first three quarters of 2024 with comparative periods filed on EDGAR, CDART Plus, and on the company's website.

Ryan: Thank you, Matt and good morning, everyone, starting with slide 12 to discuss the change in our financial reporting.

Speaker Change: As of January one 2025 were.

Speaker Change: We're reporting with the U S Securities Exchange Commission as a domestic filer.

Speaker Change: And therefore have transitioned from international financial reporting standards or <unk> to U S. Generally accepted accounting principles, otherwise known as U S. GAAP.

Speaker Change: This change was made retrospectively with our 2020 for financial statements and all comparative were restated accordingly.

Speaker Change: You can find the 2024 year end statements and the first three quarters of 2024 with comparative periods filed on Edgar and SEDAR plus and on the company's website.

Ryan Snow: Going forward, certain pre-development costs, which were previously capitalized under IFRS, will be recorded through the income statement as an expense under U.S. GAAP until mineral reserves are declared. The main transition adjustments include A capitalization reversal of $80 million for underground development work at Granite Creek and Cove, expensed retrospectively between 2022 to 2024. A decrease to reclamation liabilities and assets of approximately $16 million due to the inclusion of third-party markup under U.S. GAAP, more than offset by a higher discount rate. A transition adjustment related to our convertible debentures resulted in a reclass of $13.8 million from the equity section of our balance sheet to the non-current liability section.

Speaker Change: Going forward certain pre development costs, which were previously capitalized under Ifr S. B.

Speaker Change: Be recorded through the income statement as an expense under U S. GAAP until mineral reserves are declared.

Speaker Change: The main transition adjustments include.

Speaker Change: Our capitalization reversal of $80 million for underground development work at Granite Creek and Cove expense retrospectively between 2022 to 2024.

Speaker Change: A decrease to reclamation liabilities and assets of approximately $16 million due to the inclusion of third party markup under U S GAAP more than offset by a higher discount rate.

Speaker Change: A transition adjustment related to our convertible debentures.

<unk> in a re class of $13 8 million from the equity section of our balance sheet to the non current liabilities section.

Ryan Snow: And lastly, related to the PayCorps acquisition, a deferred tax liability of $13.5 million was recorded due to an IFRS exemption not available under U.S. GAAP. This is a result of the purchase price being higher than the tax basis at the time of acquisition.

Speaker Change: And lastly related to the <unk> acquisition, a deferred tax liability of $13 5 million was recorded due to an IRS exemption not available under U S. GAAP.

Speaker Change: This is a result of the purchase price being higher than the tax basis at the time of acquisition.

Ryan Snow: Additionally, the 10-K will serve as I-80 Gold's primary disclosure document moving forward, and the company will no longer file an AIS.

Speaker Change: Additionally, the 10-K will serve as Ied gold primary disclosure document moving forward and the company will no longer file an aif.

Ryan Snow: Turning to slide 13. Gold sales totaled approximately 9,050 ounces for the fourth quarter and 21,500 ounces for the year. This reflects the impact of the water issues at Granite Creek that Matt outlined earlier. Total revenue from gold and silver sales was approximately $23 million and $50 million for the fourth quarter and full year period respectively. and slightly lower than the prior year period due to lower volume sold, partially offset by a higher average realized gold price. Additionally, gold sales were impacted by working capital timing, as at the end of 2023, the company pre-sold stockpiled material, and during 2024, the company rebuilt that stockpile balance.

Speaker Change: Turning to slide 13.

Speaker Change: Gold sales totaled approximately 9050 ounces for the fourth quarter and 21500 ounces for the year.

Matt Gili: This reflects the impact of the water issues at granite Creek that Matt outlined earlier.

Matt Gili: Hello revenue from Golden Silver sales was approximately $23 million and $50 million for the fourth quarter and full year periods respectively.

Matt Gili: And slightly lower than the prior year period due to lower volumes sold partially offset by a higher average realized gold price.

Matt Gili: Additionally, gold sales were impacted by working capital timing as at the end of 2023, the company pre sold stockpiled material and during 2024 the company rebuilt that stockpile balance.

Ryan Snow: We concluded both the quarter and the full year period in a net loss position due to the ongoing development of our project. The majority of our growth expenditures for both the three and 12-month periods were allocated toward infill drilling and pre-development activities. And we expect this to be the case for the next several quarters as we continue to advance drilling and technical work. Overall, we've been managing mining costs well during the impacted underground advancement raids to Granite Creek.

Matt Gili: We concluded both the quarter and the full year period, and a net loss position due to the ongoing development of our projects.

Matt Gili: The majority of our growth expenditures for both the three and 12 month periods were allocated towards infill drilling and pre development activities and.

Matt Gili: And we expect this to be the case for the next several quarters as we continue to advance drilling and technical work.

Matt Gili: Overall, we have been managing mining costs well during the impacted underground advancement rates the granite Creek.

Ryan Snow: Moving to slide 14. To support our development strategy, during the fourth quarter and early 2025, we undertook several financing initiatives as we continue to focus on the best way to secure capital to advance our development plan. These steps have allowed us to better manage liquidity, support our near-term development goals, and execute on our refinancing plan. Most recently, we entered into two financial arrangements to enhance near-term liquidity and balance sheet flexibility. On March 31st, the company entered into a new gold and silver purchase agreement with National Bank of Canada, under which National Bank purchased approximately 6,800 ounces of gold and 345,000 ounces of silver from the company for delivery by September 30th of 2025, or earlier, upon an infusion of CABA.

Matt Gili: Moving to slide 14.

Matt Gili: To support our development strategy during the fourth quarter and early 2025, we undertook several financing initiatives as we continue to focus on the best way to secure capital to advance our development plans.

Matt Gili: These steps have allowed us to better manage liquidity.

Matt Gili: Support our near term development goals and execute on our refinancing plan.

Matt Gili: Most recently, we entered into two financial arrangements arrangements to enhance near term liquidity and balance sheet flexibility.

Matt Gili: Our March 31.

Matt Gili: The company entered into a new gold and silver purchase agreement with National Bank of Canada under which National Bank purchased approximately 6800 ounces of gold and 345000 ounces of silver from the company for delivery by September 30 of 2025 or earlier upon an infusion of capital.

Ryan Snow: The proceeds will be used to satisfy all outstanding gold and silver delivery obligations due to Orion on March 31st. The company is also finalizing a working capital facility for up to $12 million, with Auremet International maturing in 12 months. We are confident this path will lead to securing senior financing, allowing us to transition away from convertible debt in favor of lower cost, less dilutive finance. In addition, in the short term, the company plans to meet its liquidity requirements by deferring non-essential costs until such time as additional capital is sourced. We expect our cash position to be approximately $25 million following the end of the first quarter of 2025.

Matt Gili: The proceeds will be used to satisfy all outstanding gold and silver delivery obligations due to Orion on March 31.

Matt Gili: The company is also finalizing a working capital facility for up to $12 million with RMS International maturing in 12 months.

Matt Gili: We are confident this path will lead to securing senior financing, allowing us to transition away from convertible debt in favor of lower cost less dilutive financing.

Matt Gili: In addition in the short term the company plans to meet its liquidity requirements by deferring nonessential costs until such time as additional capital is sourced.

Matt Gili: We expect our cash position to be approximately $25 million. Following the end of the first quarter of 2025.

Ryan Snow: We believe that securing new agreements with National Bank and ORMET highlights the growing confidence in the property. reflecting the positive impact of the preliminary studies completed. Within the studies, we highlight three key areas where we plan to focus our growth expenditures over the next three years to support the company's broader development strategy. These expenditures are discretionary and will depend upon available liquidity. But in terms of priority, they are as follows. First, advancing our permitting activities. This is our top priority. Second, investing in feasibility studies to move projects forward with greater clarity. and third, continuing development work at Archimedes Underground.

Matt Gili: We believe that securing new agreements with National Bank and Orem it highlights the growing confidence in the properties.

Matt Gili: Reflecting the positive impact of the preliminary studies completed.

Matt Gili: Within the studies, we highlight three key areas, where we plan to focus our growth expenditures over the next three years to support the company's broader development strategy.

Matt Gili: These expenditures are discretionary and will depend upon available liquidity, but in terms of priority. They are as follows first advancing our permitting activities. This is our top priority.

Matt Gili: Second investing in feasibility studies to move projects forward with greater clarity.

Matt Gili: And third continuing development work at Archimedes underground.

Ryan Snow: We expect total growth expenditures in support of these three initiatives to range between $40 and $50 million in 2025.

Matt Gili: We expect total gross expenditures in support of these three initiatives to range between 40% and $50 million in 2025.

Richard Young: With that, I will now turn the call back over to Richard Young. Well, thank you, Ryan. Thank you, Matt.

Richard Young: With that I will now turn the call back over to Richard.

Richard Young: Well. Thank you Ryan Thank you, Matt and at this time I'll now turn the call over to the operator.

Operator: And at this time, we'll now turn the call over to the operator. for questions. Thank you.

Two questions.

Speaker Change: Thank you ladies and gentlemen, we will now begin the question and answer session should you have a question. Please press star followed by the one on your Touchtone phone, you'll hear a prompt that your hand has been raised should you wish to decline from the polling process. Please press star followed by the two.

Operator: Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press star followed by the 1 on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the 2. If you are using a speakerphone, please lift the handset before pressing any One moment, please. Ladies and gentlemen, as a reminder, should you have a question, please press star one.

Richard Young: If you are using a speaker phone please lift the handset before pressing any keys one moment. Please.

Richard Young: Ladies and gentlemen, as a reminder, should you have a question. Please press star one.

Richard Young: One.

Operator: There are no questions at this time.

Richard Young: There are no questions at this time I will now turn the call over to Richard for closing remarks.

Richard Young: I will now turn the call over to Richard for closing remarks. Well, thank you, operator. Just a couple things I want to highlight on. I know that the market is awaiting the recapitalization plan. It is well underway. I think that the national bank agreement that we've now put in place is a step in that direction along with Ormet. And that's really a testament to the quality of the tech reports that have been filed and the value they see. There's continued work to be done, but the team's got its head down and we're looking to execute.

Richard Young: Well. Thank you operator, just a couple of things I want to highlight on I know that.

Richard Young: The market is awaiting the recapitalization plan. It is well underway I think that the National Bank agreement that we've now put in place is a step in that direction along with Ormat.

And that's really a testament to the quality of the technical reports have been filed and the value they see there.

Richard Young: There is continued work to be done, but the team's got shut down and we're looking to execute well.

Richard Young: We're excited about the next chapter in <unk> future.

Richard Young: We are excited about the next chapter in I-80 Gold's future as we progress those PAs towards the feasibility stage. As we strengthen our balance sheet. to develop our pipeline approach. So I'd like to thank everyone for their time today, and we are available to answer any questions that you might have offline. Thank you.

Richard Young: As we progress those P as towards the feasibility stage.

Richard Young: We strengthened our balance sheet.

Richard Young: To develop our pipeline of projects so I'd like to thank everyone for their time today and we are available to answer any questions that you might have offline. Thank you great day Bye now.

Operator: Have a great day. Bye now.

Operator: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

Richard Young: Ladies and gentlemen, this concludes your conference call for today, we thank you for participating and ask that you. Please disconnect your lines.

Richard Young: Okay.

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